"Uber Technologies increased its commitment to purchase Lucid vehicles for its robotaxi service from over 20,000 vehicles to at least 35,000, a 75% increase from the previously announced pledge. Uber CEO Dara Khosrowshahi stated, 'We continue to deepen our commitments with both Lucid and Nuro because both companies are executing extremely well against our fast-moving shared roadmap.'"
"Lucid announced $750 million in total new investment, with Uber investing an additional $200 million, bringing its total investment to $500 million. Public Investment Fund affiliate Ayar Third Investment is committing $550 million to the company, addressing persistent concerns about Lucid's cash flow."
Lucid Group's shares rose significantly following the announcement of $750 million in new capital, an expanded partnership with Uber, and the appointment of a new CEO. Uber increased its commitment to purchase Lucid vehicles for its robotaxi service from over 20,000 to at least 35,000. This partnership aims to enhance unit economics for the robotaxi program. The capital infusion from Uber and Saudi Arabia's Public Investment Fund addresses Lucid's cash flow concerns and leadership uncertainties, marking a pivotal moment for the company.
Read at 24/7 Wall St.
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